World Bank approves $2.25bn loan for Nigeria to support economic reforms and stabilize the economy.

The World Bank has approved a $2.25 billion loan for Nigeria to support economic reforms and stabilize the economy. The loan is aimed at bolstering revenue and backing tax reforms, as well as protecting oil revenues under threat due to limited production caused by persistent theft. President Bola Tinubu's economic reforms, which include ending lending practices and implementing drastic measures to revive the nation's struggling economy, have led to the country's worst cost-of-living crisis in years.

June 13, 2024
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